New bank gearing up for launch in the UK
First Global Trust Bank (FGTB) is a new name on the UK banking scene. The bank has recently been granted an “authorisation with restriction” licence to take deposits by the Prudential Regulation Authority (PRA).
The London-based company was originally set up under the name of Llamabrook in 2011. It became FGTB in March this year and received the PRA authorisation in April.
What’s the focus?
“FGTB is a simple, narrow wholesale bank,” is stated on its website.
“Our aim is to produce stable, consistent returns to our depositors and investors; returns which are moderate in absolute terms but attractive on a risk adjusted basis.”
FGTB emphasises that its business model does not cater for retail deposits or current accounts. “We will only accept deposits or investments from professional, wholesale investors,” it states.
The bank’s chairman is Bob Wigley and CEO is Angus MacLennan.
Wigley is an investor and entrepreneur, chairing a host of companies, such as Telemetry, Expansys, NetOTC, Justinvesting, Tantalum Corporation and more. He is also sits on multiple advisory boards, including British Airways and BlueGem Capital Partners. He is also a non-executive director of the Qatar Financial Centre Authority and chairman of its audit committee.
MacLennan worked for Fortis Bank (later BNP Paribas Fortis) and Danske Bank. He was also a non-executive director at Vocalink and the UK subsidiary of Arab Banking Corporation.
UPDATE 2/6/2016: The bank’s CEO has responded to the Banking Technology enquiry regarding its technology.
He says: “We are in the process of finalising our assessment of technology providers, and in discussions with the banking regulators as to the various options we are looking at. Consequently it is quite a sensitive time in the process, so it would be inappropriate for me to say much at this stage, as whatever we do has first of all to be agreed by the regulator.”